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5 May 2015
EUR/USD failed to retake 1.1100
FXStreet (Edinburgh) - The European currency is now looking to regain the 1.1100 handle vs. the greenback, with EUR/USD coming from lows near 1.1070.
EUR/USD a tad better post-EC forecasts
The pair reacted positively after the European Commission sees the euro region maintaining its recovery pace despite Greek woes. The EC now forecasts the euro area will expand 1.5% during the present year (from 1.3%) and 1.9% during 2016. The Commission also argued that the lower exchange rate, declining energy prices and the current loose monetary conditions as the main drivers behind the upbeat momentum in the area.
Data wise, EMU’s Producer Prices rose less that expected 0.2% inter-month in March and contracted 2.3% on a yearly basis.
EUR/USD relevant levels
The pair is down 0.50% at 1.1089 and a drop below 1.1066 (low May 5) would expose 1.1072 (low Apr.30) and finally 1.0959 (low Apr.29). On the upside, the immediate hurdle aligns at 1.1225 (high May 4) ahead of 1.1291 (high May 1) and then 1.1380 (high Feb.26).
EUR/USD a tad better post-EC forecasts
The pair reacted positively after the European Commission sees the euro region maintaining its recovery pace despite Greek woes. The EC now forecasts the euro area will expand 1.5% during the present year (from 1.3%) and 1.9% during 2016. The Commission also argued that the lower exchange rate, declining energy prices and the current loose monetary conditions as the main drivers behind the upbeat momentum in the area.
Data wise, EMU’s Producer Prices rose less that expected 0.2% inter-month in March and contracted 2.3% on a yearly basis.
EUR/USD relevant levels
The pair is down 0.50% at 1.1089 and a drop below 1.1066 (low May 5) would expose 1.1072 (low Apr.30) and finally 1.0959 (low Apr.29). On the upside, the immediate hurdle aligns at 1.1225 (high May 4) ahead of 1.1291 (high May 1) and then 1.1380 (high Feb.26).